Hosking Partners LLP Sells 62,204 Shares of Bank of America Corporation $BAC

Key Points

• Hosking Partners reduced its Bank of America position by 6.8%, selling 62,204 shares in the third quarter but retaining 855,871 shares valued at approximately $46.6 million.
• Bank of America has strong institutional support, with hedge funds and institutions owning 70.71% of outstanding shares. Analysts maintain a “Moderate Buy” consensus and an average price target of $62.82.
• The bank slightly missed quarterly expectations, reporting $1.08 in earnings per share and $29.96 billion in revenue, but increased its quarterly dividend to $0.32 per share, yielding about 2.5% annually.

Hosking Partners LLP trimmed its position in Bank of America Corporation (NYSE:BAC - Free Report) by 6.8% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 855,871 shares of the financial services provider's stock after selling 62,204 shares during the period. Bank of America comprises approximately 1.6% of Hosking Partners LLP's holdings, making the stock its 21st largest holding. Hosking Partners LLP's holdings in Bank of America were worth $46,585,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in shares of Bank of America during the second quarter valued at $2,571,060,000. Amundi boosted its holdings in Bank of America by 12.5% in the first quarter. Amundi now owns 42,385,115 shares of the financial services provider's stock valued at $2,066,274,000 after acquiring an additional 4,721,969 shares during the last quarter. Deutsche Bank AG acquired a new stake in Bank of America in the second quarter worth about $2,359,172,000. Bank of New York Mellon Corp acquired a new stake in Bank of America in the second quarter worth about $2,313,953,000. Finally, Dimensional Fund Advisors LP increased its position in Bank of America by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 31,135,112 shares of the financial services provider's stock worth $1,517,599,000 after purchasing an additional 561,413 shares during the period. 70.71% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on the company. Royal Bank Of Canada dropped their price objective on Bank of America from $65.00 to $60.00 and set an "outperform" rating for the company in a report on Thursday, October 15th. UBS Group dropped their price target on shares of Bank of America from $70.00 to $67.00 and set a "buy" rating for the company in a research note on Monday, October 5th. JPMorgan Chase & Co. cut their price objective on shares of Bank of America from $68.00 to $62.00 and set an "overweight" rating on the stock in a report on Friday, October 2nd. Argus set a $70.00 price objective on shares of Bank of America in a research note on Wednesday, July 15th. Finally, Citigroup lowered their target price on shares of Bank of America from $66.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, October 15th. Eighteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Bank of America currently has a consensus rating of "Moderate Buy" and a consensus target price of $62.82.

Bank of America Trading Up 0.3%

NYSE BAC opened at $50.81 on Thursday. The firm has a market cap of $355.29 billion, a P/E ratio of 12.07, a P/E/G ratio of 0.88 and a beta of 1.21. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.82 and a quick ratio of 0.82. The stock's 50-day moving average is $58.24 and its 200-day moving average is $56.78. Bank of America Corporation has a one year low of $46.12 and a one year high of $65.22.

Bank of America (NYSE:BAC - Get Free Report) last released its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 earnings per share for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business had revenue of $29.96 billion for the quarter, compared to the consensus estimate of $30.58 billion. During the same quarter last year, the firm earned $1.06 EPS. The company's revenue for the quarter was up 3.2% on a year-over-year basis. Sell-side analysts anticipate that Bank of America Corporation will post 4.54 earnings per share for the current fiscal year.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a dividend of $0.32 per share. This is an increase from Bank of America's previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.5%. Bank of America's dividend payout ratio is 30.40%.

Key Headlines Impacting Bank of America

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America declared a quarterly common-stock dividend of $0.32 per share, payable December 24 to shareholders of record on December 4. The continued payout supports the investment case for income-oriented shareholders. Bank of America Declares Fourth Quarter 2026 Stock Dividends
• Positive Sentiment: The bank appointed Jim Fitterling and Bill Thomas to its board, expanding the board from 12 to 14 directors. The additions may strengthen oversight and bring further industrial and corporate leadership experience. Bank of America Names Jim Fitterling and Bill Thomas to Board of Directors
• Neutral Sentiment: Bank of America’s wealth-management franchise remains a diversification benefit: Global Wealth and Investment Management generated approximately $1.41 billion in second-quarter net income, or about 16% of company earnings. Bank of America Wealth Business
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged disclosures surrounding Bank of America’s anti-money-laundering compliance issues and a reported $1.2 billion Treasury penalty. The repeated announcements increase reputational and potential litigation risk, although the allegations have not been proven. Lead-plaintiff motions are due December 15, 2026. ROSEN Bank of America Securities Class Action
• Negative Sentiment: The latest reported quarter also fell slightly short of expectations, with earnings of $1.08 per share versus a $1.10 consensus and revenue of $29.96 billion versus $30.58 billion. That performance may limit near-term enthusiasm despite year-over-year revenue growth.

Bank of America Company Profile

Bank of America Corporation NYSE: BAC is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company's consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.

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